Wells Fargo lowered the firm’s price target on Cabaletta Bio (CABA) to $3 from $6 and keeps an Equal Weight rating on the shares. The firm remains cautious on shares due to Cabaletta’s capital overhang and its view that it won’t amass enough data with rese-cel, particularly on durability, in the near term to improve sentiment. Additionally, the new Gr3 ICANS case doesn’t help either, Wells argues.
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